The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-02-18
(Ark.), Plumb, Vance, Van Wyck,
Uaak ard Unarhaas


and his associates 20 obtain o charter
either in Mexico or elsewhere. L
therefore incorporates James B. Eid;
and some eighty other persons named
as body polite under the name and
title of the Atlantic and Pacific Shil
Railway Company. The stock is moi
to exceed $l00,000,000; and when II
per cent. of stock is subscribed for and
10 per cent thereon paid in cash, 8
meeting of stockholders IL TO be held
in Washington or New York for the
election OF directors. If $l0,000,00 o.
stock is not subscribed for and 10 pei
cent in cash paid thereon within two
years, the charter is to expire by linn
itation.
Senator Van Wyck offered to his
substitute the amendment which he
had offered to the original one, that
no certificate of stock shall be issued
until it shall have been fully paid foi
in money, at par value, and that nc
bonds, in excess OF the amount OF cap.
itsl actually paid in, shall be issued
and tina. no bonds shall be issued oi
disposed Of at less than their par val.
US. He spoke OF the necessity for the
adoption Of such safeguard, aud re-
ferred to the history of the Union Pa.
cific Railroad Company and Of the
Credit Mobilier, with which as pa
triotic and respectable men were con,
nected Massachusetts men, too, as
there were connected with the Te'
huantepec measure. At this point an
acriminous Colloquy occurred between
Senator Dawes and Senator VanWyck
concerning the connection of Msssa-
chusetts men with the Union Pacific
railroad at it's inception and with the
Credit Mobilier.
At the conclusion OF this passage al
arms, and on motion OF Senator Hoar,
the amendment offered by Senator
Van Wyck was amended by a provis-
ion thai the 10 per cent. of stock to be
subscribed for and paid before the is.
sue of certificates shall not be sssigna-
BILE until the whole of it shall have
baen paid in, aud that no bonds shall
be authorized or issued until the paid
in capital shall amount to $5,000,0 900
(instesd of $l0,000000). As thus
amended Senator Van Wyck's amend
ment was agreed to.
Senator Morrill, offered an amend.
ment restricting the rate OF interest on
bonds to 8 per cent, and providing
that they shall not be sold at lees than
80 per cent. Of their par valre.
Senator Sherman argued against
Senator Morrill's amendment. He
would not cripple the company by
any such restrictions, as the time
might come when, in order to guard
against financial crisis, it might be
necessary for this company to cell its
bonds at less than 80 cents on
the dollar. The United States
Government had sold its bonds
once at less than go cents on
the dollar. He was willing to let the
company have its American charter,
and he would bid it heartily good
speed. II had been asked why the
company needed an American charter.
He replied that the value of au Amer
ican incorporation wss enormous.
While Mexico was now in fourishing
condition and has a more stable gov
ernment now than it ever had before
since its revolution, still that govern
ment, as compared with the Govern
ment of the United States, was a mole
hill to a mountain. Business men
would not care to invest their money
in the securities of a corporation de-
psndiDg on the power OF Mexico,
while, on the other hand, the Govern
ment OF the United States was recog-
nized everywhere as a stable, power
ful government.
Senator MorIill's amendment was
rejected-yess, 10; nays, AZ.
The substitute offered by Senator
Vest today, as amended by Senator
Van Wyck, YVES agreed to without q
division, and the bill, as thus amended,
was psssed-yeas, As; nays,7.
The nays were: Edmunds, Jones
(Ark.), Morrill,, Platt, Vance, Van
Wyck and Wilson (Is).
The Senate then, on motion OF Sem
ator Edmunds, took up the bill to in
augurate the Maritime Company Of
Nicaragua. 1t went over ugtil tomor-
row as unfinished business.
Senator Vest, from the Conference
Committee on the House bill to amend
the act dividing the State OF Missouri
into two Judicial Districts, made re-
port, which was agreed to.
The bill therefore is passed.
The Senate then adjourned.
House. The Speaker laid before the
House the message from the President
returning without his approval the bill
sppropriating $4,000 for a special dis
tribution Of seed to the drouth stricken
counties of Texas.
A motion to refer the bill and mes
sage to the Committee on Agriculture
was lost by q vote of 81 to "A.
The question was then put, "Would
the House psss the bill, the Presi-
dents objections to the contrary not
withstanding" and it was decided in
the negative-yeas. SO; nays, 100.
Mr.. Hammond (Gs.) called up the
conference report upon the anti Nor
mon bill. The report was then agreed
to-yess, 2O2; nays, 40.
The House then went into Commit
tea of the Whole (Nr. Blount, of Geor-
gia, in the Chain on the diplomatic
and consular appropriation bill. The
bill, as amended, was passed.
Mr.. Randall, from the Committee on
reported back the
sundry civil appropriations bill with
Senate amendments, recommending
in twenty-five OF those
and noa-concurrence in
236 amendments.
lC response to a question by Mr..
Reed, Mr.. Randall stated that the chief
points in controversy were relative to
the appropriations for the coast sur
vey, the Seamen's Retreat, in New
York, aod the Yellowstone Park.
The Republicans demanded the
reading of the amendments eerialim.
Mr.. Gof wv. Va.) moved concur
renee in the amendment appropriating
S. $40 for a public building at Clarke.
burg, W. Va, and on being voted
down raised the point VI "no quorum. .
Pending action the House sd-
journed.
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